Innovation is no longer on the list solely for start-ups but has become a strategic
goal for senior leadership of small, medium and large sized organisations. However,
professional service organisations, and in particular those in the legal industry, are
struggling to match other industries in their stride.
Incubation of idea generation, that is largely innovation led, takes place outside the
confines of incumbent firms and businesses, such as incubator spaces. However,
the two cannot be separate; innovation by itself is insufficient. There must also
be an incubation of new concepts, trialled in a constant and disciplined manner
designed to achieve successful new business models. In many respects, innovation
is a necessary, but not a sufficient, building block of incubation.
Ultimately, the innovators are thinkers; the incubators are the doers. Professional
services industries need to embrace innovation led incubation, disrupt themselves,
and deliver sustainable success into the future.